EL PASO - Net apartment move-ins declined to 128 units in first quarter 2012, down from the 856 units absorbed during the same period in 2011, according to Hendricks & Partners.
New apartment construction fell to 32 units 1Q 2012, well below the 762 units delivered to the market 1Q 2011. No new permits were issued for multifamily units 1Q 2012, down from 63 units permitted 1Q 2011.
No new permits were issued for multifamily units in first quarter 2012, down from 63 units permitted a year prior.
The average vacancy rate for the local multifamily was 4.2 percent for first quarter 2012, from 2.5 percent a year earlier.
| Submarkets 40+ Units |
Vacancy | Average Rent | ||
| 1Q 2012 | 1Q 2011 | 1Q 2012 | 1Q 2011 | |
| Central | 5.8% | 1.8% | $672 | $651 |
| East / Southeast | 3.8% | 2.4% | $667 | $638 |
| Northeast | 4.1% | 3.4% | $668 | $596 |
| Northwest | 4.6% | 2.5% | $712 | $696 |
| Totals | 4.2% | 2.5% | $682 | $652 |
View the full report at Hendricks & Partners.
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